September crude oil prices took on a higher track during the early morning session, supported by gains in global equity markets and early expectations for a drop in weekly US crude supplies. Second quarter GDP data in Germany and France came in slightly better than expected, and that was a positive for risk-taking sentiment. Another data point that showed German sentiment weaker than expected was interpreted as a positive and bolstered the case for more monetary stimulus. Meanwhile, the crude oil market has a number of supply-side factors that appear to be offering support, including Middle East tensions, expectations for a significant drop in North Sea output in September and hopes for more central bank monetary stimulus.
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